Saudi Arabia is committed to economic reforms, says Prince Mohammed

Saudi Crown Prince Mohammed bin Salman on Wednesday reiterated his commitment to economic reforms, which are on track and showing results.

"I ask everybody not to believe me, but look at the numbers. Numbers speak louder.  If we look at the numbers for the past two to three years, see our non-oil revenues have tripled, the budget this year is the largest in Saudi history," he told the Future Investment Initiative 2018 in Riyadh.

"The next budget will be more than SAR 1 trillion. We see our capex is increasing and salaries are decreasing. Three years ago, the rate of salaries to the budget was 50 percent, but we expect it to be 45 percent next year," he said, adding, "the unemployment rate will improve until 2030."

Earlier this month, the International Monetary Fund revised up the economic growth forecast for Saudi Arabia to 2.2 percent this year from its July 2018 projection of 1.9 percent. It expects economic growth of 2.4 percent for next year.

"So one of the objectives of 2020 has been achieved in 2019. The fund could reach $500 billion by 2020 and $2 trillion or more by 2030."

Crown Prince Mohammed asserted that Saudi Arabia's position in global competitiveness is improving as reforms are evident.

"Look at the reforms in culture, entertainment and sports... the numbers are very clear. No doubt, we will continue with our reforms. We live among people who are great. Once they identify a goal, they will achieve it. No obstacle is difficult for Saudi people.

"All our megaprojects are ongoing, our war on extremism is ongoing, our war on terrorism is ongoing, developing the country and upgrading it is ongoing... no matter what they do to lower or hinder our speed they will not succeed," he declared.